AECC AST(SH:600391)2021-04-29 16:00Financial Performance - Operating revenue for Q1 2021 was CNY 704,569,465.85, representing a 54.67% increase year-on-year [11]. - Net profit attributable to shareholders was a loss of CNY 25,247,708.29, an improvement of 23.92% compared to the previous year [6]. - The company reported a basic earnings per share of -CNY 0.08, an improvement of 23.52% from -CNY 0.10 in the previous year [6]. - Net profit for Q1 2021 was CNY -18,019,381.66, a year-on-year improvement of 37.41%, attributed to significant increases in domestic aviation and derivative product output and delivery [14]. - The company reported a gross profit margin of approximately -2.4% for Q1 2021, compared to a margin of -9.3% in Q1 2020 [26]. - The net loss for Q1 2021 was CNY 18.02 million, an improvement from a net loss of CNY 28.79 million in Q1 2020 [26]. Cash Flow - Cash flow from operating activities showed a net outflow of CNY 187,747,530.31, a decline of 5,334.94% compared to the same period last year [6]. - The net cash flow from operating activities for Q1 2021 was CNY -187,747,530.31, an increase in outflow of 5334.94% year-on-year, mainly due to a 17.72% decrease in cash received from sales [14]. - The company's operating cash inflow totaled ¥469,870,952.50, a decrease of 22.5% compared to ¥606,017,642.15 in Q1 2020 [35]. - The net cash flow from operating activities was negative at -¥177,684,930.31, contrasting with a positive net cash flow of ¥17,766,034.19 in the same period last year [35]. - The company’s cash outflow for operating activities was ¥647,555,882.81, which is an increase of 10.1% from ¥588,251,607.96 in Q1 2020 [35]. Assets and Liabilities - Total assets increased by 4.52% to CNY 6,071,020,482.66 compared to the end of the previous year [6]. - The total assets as of March 31, 2021, were CNY 6,071,020,482.66, compared to CNY 5,808,656,413.59 as of December 31, 2020 [18]. - The total liabilities as of March 31, 2021, were CNY 4,121,280,961.96, an increase from CNY 3,862,618,412.56 as of December 31, 2020 [20]. - Current liabilities decreased to CNY 2.36 billion from CNY 2.67 billion, a reduction of 11.6% [24]. - Non-current liabilities increased significantly to CNY 1.07 billion from CNY 425.19 million, marking a rise of 152.1% [24]. - The company's total equity decreased to CNY 1.37 billion from CNY 1.39 billion, a decline of 1.0% [24]. Expenses - Sales expenses for Q1 2021 totaled CNY 3,597,274.56, a decrease of 31.93% year-on-year, primarily due to reduced losses from the company's product warranty [13]. - Management expenses for Q1 2021 amounted to CNY 46,130,984.59, an increase of 36.01% year-on-year, mainly due to higher maintenance and leasing costs for facilities and equipment [13]. - R&D expenses for Q1 2021 reached CNY 28,144,788.22, up 48.46% year-on-year, primarily driven by increased R&D costs for government subsidy projects [13]. - Research and development expenses for Q1 2021 were CNY 28.14 million, up 48.5% from CNY 18.96 million in Q1 2020 [26]. Strategic Changes - Short-term borrowings decreased by 77.09% to CNY 80,066,111.12 as the company optimized its debt structure [11]. - Long-term borrowings increased by 116.20% to CNY 800,618,000.00, reflecting a strategic shift in debt management [12]. - The company executed new leasing standards, resulting in a significant increase in right-of-use assets by 95,285.77% [11]. - The company anticipates a potential cumulative net loss for the year due to the ongoing impact of the COVID-19 pandemic on the international aviation industry, despite efforts to stabilize its core business [15]. Investment Activities - Fixed asset investments increased significantly, leading to a net cash outflow from investing activities of CNY -59,659,069.47, a year-on-year increase of 269.96% [15]. - The company’s cash flow from investment activities was negative at -¥11,795,283.49, consistent with the previous year's negative cash flow of -¥11,796,272.01 [35].